This compound is primarily utilized in the field of organic synthesis as a building block for the creation of complex molecules. Its bicyclic structure makes it a valuable intermediate in the development of pharmaceuticals, particularly in the synthesis of compounds with potential therapeutic effects. It is often employed in the preparation of chiral ligands and catalysts, which are crucial in asymmetric synthesis to produce enantiomerically pure substances. Additionally, it finds use in the research and development of new drugs, especially those targeting the central nervous system, due to its structural similarity to certain bioactive molecules.